TRID isn’t the first regulation to take the industry by storm. The industry proved it can adapt with the qualified mortgage rule, and it can adapt to this.
But, it’s going to come with an incubation period.
From the time the Consumer Financial Protection Bureau first finalized the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule back in November 2013 to its implementation on Oct. 3, 2015 to today, the industry adjusted accordingly.
But even the best efforts come with hiccups and headaches. And while some issues have worked themselves out, such as the time to close a loan falling to a 12-month low in March, other problems still block the industry, especially the secondary market.
Now more than seven months post-TRID, the CFPB surprised the industry and said it would take another look at the Know Before You Owe rule, answering calls to make official a lot of the informal guidance given by the bureau.
Up until this point, the industry was simply told that examiners would be squarely focused on whether companies have made good faith efforts to come into compliance with the rule.
But before you get your hopes up, estimates go all the way to 2017 for when the bureau will offer help, and it’s not even predicted to address all the issue the mortgage industry has.
There are still billions of dollars on the line, and HousingWire has the two experts you need to make sure you don’t fall victim to the regulator since “a good faith effort” isn’t easy to grasp.
HousingWire will be taking questions both in advance and during the webinar. So be sure to take the time to compile a list of all the questions you may have. Ask your co-worker. Ask your vendor. Ask your borrowers. Ask anyone that’s involved in the process to make sure you are in the clear.
We have experts Benjamin Olson, partner at BuckleySandler, and Brandy Hood, associate at BuckleySandler. You bring the questions, and we’ll get you the answers.
Click here to register. We expect topics to include:
- Basic TRID requirements that everyone missed
- Frequent errors
- Liability issues
For accepting questions, please use the following options:
- Email email@example.com before or during the webinar with your questions. Please use the subject line "webinar questions"
- Tweet questions to @JacobGaffney or use the hashtag #HWTRIDquestions
- You can also submit questions in the chat box during the webinar
Here’s what others in the industry are asking for: